Sterling Technical Price Outlook: GBP / USD Trading Levels
- Sterling Technical Trade Level Update – Daily and Intraday Leaderboards
- GBP / USD The rally extends to the initial obstacles – the risk of price changes NFP
- Key support 1.3625 / 46- Durability 1.3837 / 44, 1.3890
The British pound is ready to close the third consecutive daily advance US dollar together GBP / USD more than 0.5% per week. The down payment will lead Cable to initial resistance targets, where US non-farm payrolls will knock the lines of tomorrow’s battles will be drawn open in September. These are important updated targets and invalidity levels in GBPUSD price charts. Inspection my last weekly Strategy webinar for its thorough distribution Sterling technical setup and more.
Sterling price chart – GBP / USD per day
Technical outlook: Sterling threatened to cut off big support last month at the end of a low day in July / 2021 every year 1.3625 / 46 before abruptly returning higher to the end of August. The rally has lengthened by almost 1.7% from the lower ones, the recovery is approaching the initial side resistance kl 1.3837 / 44– area defined by 61,8% Fibonacci the return of the July decline and the 100% extension of the August minimum advance. We are looking here for a possible price increase if the violation / closure is highlighted trend line merger (~1.3880(s) necessary to reverse a major trend.
Sterling price chart – GBP / USD 120 min
Notes: A closer look at sterling pricing highlights GBP /USD restoration of key support at 1.3625 / 46 with re-trading within ascending channel formation. Weekly / monthly open support at 1.3752 / 54 with a week break opening area low risk of risk with an annual open test. Ultimately, the violation is higher than at the August open clock 1.3890 is required to heat the next rupture 3/1992.
Bottom line: The Sterling rally has expanded into an initial resistance barrier to the open field of September, where US farm payrolls will be brisk tomorrow. From a trading point of view, it is a good zone to reduce long-term exposure / increase protection stops – look for guidance at the beginning of the month on upper parallel exhaustion / possible transition, which will end up higher than 1.3890. prejudice viable. Review my last one Pound weekly price views to take a closer look at the longer-term level of GBP / USD technical trade.
For a complete breakdown of Michael’s trading strategy, review his strategy Series Fundamentals of Technical Analysis on Bcultivation a Tradiant Strategy
Sterling Trader Sentiment – GBP / USD price chart
- Summary IG customer mood shows that the net length of traders is GBP / USD the ratio is +1.23 (55.09% of traders are long) – typically weak bear reading
- There are long positions3.53% lower than yesterday and 15.73% lower than last week
- Short positions are1.37% higher than yesterday and 14.09% higher than last week
- We usually take the opposite view of the mood of the crowd and the fact that the net length of traders indicates that GBP / USD prices may continue to fall. However, traders have fewer net lengths than last week than yesterday. Recent changes feeling I warn that the current GBP / USD price trend may soon turn higher, despite the fact that traders will remain a net length.
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– Written Michael Boutros, Currency strategist with DailyFX
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